India has shown great interest in mining iron ore, granite, gold and diamond in Uruguay and has entered into a deal for exploring and encouraging investment opportunities in the mining sector, according to Indian sources visiting Uruguay.
After lengthy talks in Brussels European leaders have reached an agreement on the budget for 2014-20 with a ceiling of 960 billion Euros, the first time the EU multi-annual budget has been reduced.
Ireland clinched a long-awaited deal to ease the burden of its bank debts, sending its borrowing costs falling to pre-crisis levels and bolstering its chances of ending its reliance on EU-IMF loans this year.
Two contrasting views have surfaced in the Uruguayan government regarding inflation which has been steadily climbing and seems so far immune to monetary tools, but is now the second highest in the region behind Argentina.
Economic activity in Chile grew 4.7% in December from the year earlier on gains in the service and retail industries, and ended the twelve months of 2012 with an expansion of 5.5% over the previous year according to Central bank data.
Uruguay seems to be recovering its air connectivity after a rough year that saw the closing down of its flag air carrier Pluna, and the announcement by Spanish airline Iberia that it will cease flights between Montevideo and Madrid as of next April. Iberia is the only European airline currently calling in Uruguay.
Bank of England has chosen not to inject any more money into the economy, leaving its quantitative easing (QE) programme at £375bn. The Bank also left interest rates unchanged at 0.5%.
European Central Bank President Mario Draghi admitted on Thursday policy makers are concerned that the Euro strength will hamper their efforts to pull the economy out of recession and although the exchange rate is not a policy target, he confirmed “it is important for growth and price stability”.
Foreign minister Luis Almagro announced that Uruguay will work for a free trade agreement between Mercosur and Canada during the first half of the year when Uruguay holds the chair of the South American group that also includes Argentina, Brazil, Paraguay and Venezuela.
Argentine authorities backed away from a recent ultimatum for Brazilian mining giant Vale to submit a new timeline for its 6 billion dollars Rio Colorado potash mine, giving the company more time to find a solution for the imperiled project.